New CEO at Tidewater

NEW ORLEANS – Tidewater Inc., operator of a 342-vessel fleet serving the offshore energy industry, announced today that Dean Taylor, its president and CEO since March 2002, will retire as an executive officer of the company effective May 31, 2012, after a 34-year career with Tidewater.

Replacing him will be Jeffrey Platt, who has been serving as Tidewater’s COO since July 2006. Taylor will remain on the Board of Directors, and serve as Tidewater’s non-executive Chairman of the Board.

Taking Platt’s place will be Jeffrey Gorski, who becomes Tidewater executive VP and COO. Currently, Gorski is senior VP, in charge of U.S. operations and the worldwide engineering and technical services group.

“Tidewater has its best days before it,” Taylor said in a statement announcing his retirement. “The management team, the fleet, and the company’s prospects are as excellent as any in my 34 years of experience with the company. It has been my privilege to have worked with truly terrific leaders and employees throughout my tenure with Tidewater, and Jeff Platt and team are going to do great things for our shareholders, employees, and stakeholders. I look forward to a smooth transition and to spending more time with my wonderful family.”

Richard Pattarozzi, Tidewater’s lead director commented this way in a statement regarding Taylor’s service: “Dean Taylor has been an outstanding and tireless steward of the company’s business during his ten year tenure as the company’s Chief Executive Officer. During this decade, the company has achieved many significant milestones, most notably the multi-billion dollar modernization of the company’s fleet, the enhancement of the company’s position as the leading offshore supply vessel company in the world, numerous safety and operational milestones and awards, and the continuing preservation of a strong balance sheet during turbulent economic times. We believe that going forward the company remains in excellent hands with Jeff Platt, Jeff Gorski and the other members of Tidewater’s first-rate management group.”